Max Gillman

Inflation Theory in Economics

Welfare, Velocity, Growth and Business Cycles

• Broschiertes Buch

Produktbeschreibung

These essays bring together a progression in monetary theory. The major theme that runs through all of the chapters is that in order to do monetary economics well in general equilibrium, it helps to have a good money demand underlying the theory. A proper underlying money demand sets up arguably the best foundation from which to make extensions of monetary economics from the basic model. At the same time that money demand is modelled, this also "endogenizes" the velocity of money. This has been a challenge in the literature that these essays solve and then use to extend basic neoclassical growth and business cycle theory. Solving this problem, in a way that is a natural, direct, and "micro-founded" extension of the standard monetary theory is the first major contribution of the collection. The second major contribution is the extension of the neoclassical monetary models, using this solution, to reinvigorate classic issues of monetary economics and take them to the frontier.

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Produktdetails

• Verlag: Routledge
• Seitenzahl: 424
• Erscheinungstermin: 9. September 2013
• Englisch
• Abmessung: 234mm x 156mm x 23mm
• Gewicht: 641g
• ISBN-13: 9780415864817
• ISBN-10: 041586481X
• Artikelnr.: 37329097

Autorenporträt

Max Gillman is Professor of Economics at Cardiff Business School, Cardiff.

Inhaltsangabe

1. Overview Part I: Inflation and Welfare 2. The Welfare Costs of Inflation
in a Cash in Advance Model with Costly Credit 3. A Comparison of Partial
and General Equilibrium Estimates of the Welfare Cost of Inflation 4. The
Optimality of a Zero Inflation Rate: Australia 5. On the Optimality of
Restricting Credit: Inflation-Avoidance and Productivity 6. Ramsey-Friedman
Optimality within a Banking Time Economy Part II: Money Demand and Velocity
7. The Demand for Bank Reserves and Other Monetary Aggregates 8. Money
Velocity with Costly Credit 9. Money Demand in General Equilibrium
Endogenous Growth: Estimating the Role of a Variable Interest Elasticity
10. Money Demand in an EU Accession Country: A VECM Study of Croatia Part
III: Inflation and Growth 11. Inflation and Balanced-Path Growth with
Alternative Payment Mechanisms 12. Contrasting Models of the Effect of
Inflation on Growth 13. A Revised Tobin Effect from Inflation: Relative
Input Price and Capital Ratio Realignments, US and UK, 1959-1999 14.
Inflation and Growth: Explaining the Negative Effect 15. Granger Causality
of the Inflation-Growth Mirror in Accession Countries Part IV: Monetary
Business Cycles 16. On Keynes's Theory of the Aggregate Price Level in the
Treatise: Any Help for Modern Aggregate Analysis? 17. Credit Shocks in the
Financial Deregulatory Era: Not the Usual Suspects 18. A Comparison of
Exchange Economies within a Monetary Business Cycle 19. Money Velocity in
an Endogenous Growth Business Cycle with Credit Shocks 20. Epilogue: The
Perspective Going Forward